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South Bend edevelcpment Commission <br />Rescheduled egular Meeting - April 20, 1990 <br />6. NEW BUSINESS (Cont.) <br />g. con'41nuect... <br />f. <br />Leo and Cleora Kelsch Leo Kelsch $10,515.00* $5,332.00 (public) <br />617-617 1/2 N. Cushing $5,332.00 (private) <br />$777.63 contingency <br />Mrs. Kolata noted that under the Rental <br />Rehab Program, the loan is forgiven at <br />the rate of 10% per year for ten years <br />p iding the owner maintains the <br />property up to code, maintains insurance <br />on a property, pays the taxes and rents <br />70% of the units to low and moderate <br />in tenants. <br />Mrs. Kolata noted that this property has <br />two units. <br />Upon a motion by Mr. Combs, seconded by COM USSION APPROVED THE PROPOSAL <br />Mr. Donoho and unanimously carried, the AND IRAN IN CONNECTION WITH THE <br />Ccm#ssion approved the proposal and loan RENTAL REHAB PROGRAM FOR PROPERTY <br />in nnection with the Rental Rehab LOCATED AT 617 -617 1/2 N. CUSHING <br />Pr for property located at 617 -617 <br />1/2 <br />Mrs. Kolata explained that all of the <br />property that is going to be improved <br />with funds from the TIF bond must be <br />owned by the Redevelopment Authority. <br />The Commission previously authorized the <br />transfer of some property in Monroe Park <br />to the Authority for this purpose. This <br />resolution authorizes the transfer of the <br />north part of the Emporium parking lot, a <br />small strip of land along the west side <br />of the riverbank near the Jefferson <br />Street bridge where there will be some <br />ligbting improvements, and a portion of <br />land along the riverbank in Block Six <br />where we will be doing lighting <br />